SandRidge Energy (SD -2.4%) shares sink to their lowest levels since November, a drop that's...


SandRidge Energy (SD -2.4%) shares sink to their lowest levels since November, a drop that's blamed on TPG-Axon's presentation (summary) outlining SD management's "record of massive value destruction." The company claims replacing its board, as the hedge fund suggests, would lead to a default under its credit agreement and require it to make an offer to repurchase its senior notes.

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Comments (12)
  • rjj1960
    , contributor
    Comments (1471) | Send Message
     
    Good for TPG, finally someone going after bunch. Ward and company have always put the shareholders last and now their days are numbered. When things really heat up, maybe that rag CNBC can put that little clock in the corner on the screen timing Ward' s walk out the front door.
    8 Feb 2013, 12:51 PM Reply Like
  • 1isaac
    , contributor
    Comments (45) | Send Message
     
    If ward and the boys are ousted, you will see this thing at 8.00/ share....Place your bets!
    8 Feb 2013, 01:07 PM Reply Like
  • TheWayItWorks
    , contributor
    Comments (31) | Send Message
     
    CNBC "rag": Ward and Cramer were pretty cozy for a few years. Now Cramer cannot bear to even speak the company name. Cramer's new pal in OK is LPI's CEO. Cramer is in love now with Eagle Ford and plans a visit. Cramer is waiting to pump the Miss Lime Play. His buddies haven't got enough SD under 6 yet.
    8 Feb 2013, 01:34 PM Reply Like
  • sps7
    , contributor
    Comments (96) | Send Message
     
    $8 per share? Probably.....but then there are a lot of shareholders who are in at $15+ I think the IPO was around $26. So $8 is still a kick in the A%$ for many shareholders.
    8 Feb 2013, 01:37 PM Reply Like
  • worldbank
    , contributor
    Comments (441) | Send Message
     
    The Board should put this situation of corporate mis-behaving to rest by firing Ward and then resigning. It's sad to see what has been going on since the IPO with the stockholders in the dark. Where are the underwriters that brought Ward and SD public. You would think they would be all over this as their clients where sold a bill of goods! Thank goodness for the work of TPG-Axon. It seems to me that this is rather straight forward and 90%+ of all shareholders should be voting GREEN!!! Stay tuned as I think management changes are just around the corner.
    8 Feb 2013, 03:30 PM Reply Like
  • Chancer
    , contributor
    Comments (4187) | Send Message
     
    I think it might cost SD over $100 million to fire Ward unless they have grounds to fire him for cause and the certain costly lawsuit that would follow.

     

    Better that they keep Ward around for a while on a tight leash after negotiating a reduced compensation package and termination agreement that is line with competition. Once all that is in place, they can fire him.
    10 Feb 2013, 03:41 PM Reply Like
  • worldbank
    , contributor
    Comments (441) | Send Message
     
    I'm hoping that at the very least, TPG-Axon gets some element of control via some seats on the Board. Then they will get to see the "real" books and the everyday payments/business of SD, which in turn will uncover even more self dealings. Hopefully, the threat of law suits against Ward and the Board will put a peaceful end to their reign and stockholders will start to enjoy some benefits, ie. higher stock price!
    11 Feb 2013, 08:38 AM Reply Like
  • Technicalmaster1966
    , contributor
    Comments (15) | Send Message
     
    Whiskey in hand, Everybody hold on for the roller coaster. Thier is light But only after TPG, breaks the will of Tommy the fight goes on. For me I vote green.
    8 Feb 2013, 10:05 PM Reply Like
  • OUSAOU
    , contributor
    Comments (79) | Send Message
     
    The underhanded payments, kickbacks etc.. That T Ward has been engaged since he left CHK to set up his own operation by the name of SD is at best a devious operation.
    This BD has to go and a new SD should suit them for at best not managing SD to the best interest of the shareholder. Once T Ward and the board are gone, the value of the trusts SBR, SDT and PER distribution will see a boost. This increase will be primarily caused by an expenses ledger drastically reduced.
    Contrary to other trusts, I have found very difficult to check the K-8 reports. They are not straight forward.
    9 Feb 2013, 02:50 AM Reply Like
  • User 442486
    , contributor
    Comments (3) | Send Message
     
    Perhaps the SEC should take a look. A credit agreement that keeps the current board in place surely would be a significant event. I don't recall any discloser to that effect.
    10 Feb 2013, 04:23 AM Reply Like
  • traderbob7
    , contributor
    Comments (2) | Send Message
     
    Anyone remmber Billy Sol Estes? Ward has earned the same reputation.
    10 Feb 2013, 04:24 AM Reply Like
  • Lexy1
    , contributor
    Comments (12) | Send Message
     
    Yes, I voted green except I didn't receive a ballot, but adios to Ward, the only one who has benefited from this company is he and his lackeys, shareholders, which ones, we are the only ones that matter says Ward
    10 Feb 2013, 04:24 AM Reply Like
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